Industry NewsTechnology

Skeptics of RPR database voice worries

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

SAN DIEGO -- Executives with a new subsidiary created by the National Association of Realtors to build a national property database are facing some skeptics and critics as they hold briefings on the product at NAR's annual conference.The database is expected to eventually include records on every parcel in the U.S., residential and commercial, combining public property records with data from multiple listing services (MLSs) and commercial information exchanges (CIEs).Some MLS executives attending the conference say they want additional assurances that it won't compete with services they offer. In addition, some NAR members -- particularly appraisers -- aren't happy that the project's business model relies on selling automated valuations to lenders and government agencies.Some skeptics at the conference have even referred to the Realtors Property Resource database (RPR), as "Reaper" -- as in the Grim Reaper -- fearing its potential to harm their business.Because it will not in...